Unfortunately, it’s impossible to predict the future, and as a business owner you never know what’s around the corner. Although it may be hard to assess the impact a potential disaster would have on your business, it makes sense to be prepared in the event that the unexpected happens.
As well as providing cover for loss of gross revenue and profit, business interruption insurance can help you pay your employee’s salaries and rent, something which can be especially helpful if you need to pay for new equipment or staff in order to keep your business running.
In addition, it’s important to carefully consider the sum that you’ll be insured for in the event of an incident occurring. This means taking the time to work out how many years it could take for your business to start operating again after a disaster has taken place, and what your estimated gross profit or revenue would be for this period. If this is mis-calculated, your business could be under-insured, something which could also be extremely damaging.